Dealmaker: Hunt Mortgage Group Provides $15M in Freddie Mac Small Balance Funds
Hunt Mortgage Group, New York, provided $15 million in Freddie Mac Small Balance Program funds for apartment properties in numerous locations.
Hunt provided $6.5 million for Yardhouse Apartments, a 35-unit property in Seattle. The 20-year loan, a 7/13 hybrid adjustable-rate mortgage, has a 30-year amortization schedule with seven years of interest-only payments.
Borrower CFLP Yardhouse Apartments LLC, backed by the Costacos Family Limited Partnership, acquired Yardhouse Apartments from Revolve Development, Seattle, for $13.95 million. Trinity Real Estate, Seattle, advised the Costacos family.
“Yardhouse Apartments is in excellent condition, has performed very well in the local market and was sought after by many investors,” said Hunt Vice President Jeffrey Ballaine, noting its 2.86 percent current vacancy rate.
Ballaine worked with Tom Craig and Mark Dibble, Partners with DSC Capital, Seattle.
Hunt Mortgage Group also provided $5.4 million through Freddie Mac’s Small Balance Program for two Florida multifamily properties. The deals include $3.9 million for Casa Corsicana, a 53-unit property in Seminole, and $1.5 million for Pembroke Apartments, a 24-unit property in Pembroke Pines.
Casa Corsicana received a seven-year fixed-rate loan with two years interest-only and a 30-year amortization with a stepdown prepayment schedule. Pembroke Apartments received a five-year hybrid ARM with one year interest-only and a 30-year amortization with a stepdown prepayment schedule.
Hunt also refinanced two Illinois multifamily properties using the same Freddie Mac program. It provided a $2.1 million 10-year fixed-rate loan with 30-year amortization to borrower Soleus Creekside for Harvard Park Apartments. Soleus Creekside invested $182,000 in capital improvements over the past three years to refresh the 1975-vintage asset prior to this refinancing. And it provided $1 million to borrower Epitome Investments to refinance 288 Oxford Apartments, a 15-unit property in Clarendon Hills, Ill. The transaction, a 5/15 hybrid ARM, included a 30-year amortization and a step-down prepayment schedule.
